First Guardian Master Fund

AFCA Member No: 10416

AFS Licence No: 246638

Authorised representatives

• Venture Egg Financial Services Pty Ltd (formerly Ferras Merhi Pty Ltd & United Financial Advice Pty Ltd trading as Venture Egg (ABN 72 776 973 722)
• Rhys Reilly Pty Ltd t/a Reilly Financial (ACN 606 191 557)
• Miller Wealth Group Pty Ltd (ACN 628 381 359)

Contact details

• compliance@interprac.com.au
• (03) 9209 9777

AFCA Member No: 10327

AFS Licence No: 225985

Authorised representatives:

• Rebellis Financial Services Pty Ltd (ACN 666 850 228) (in liquidation)
• 5 Point Australia Pty Ltd (ACN 661 120 583) (in liquidation)
• AS Financial Planning Pty Ltd (ACN 666 648 942) (in liquidation)
• STC Financial Pty Ltd (ACN 669 888 984) (in liquidation)

Contact details:

• admin@fsga.com.au
• (03) 9961 0524

ASIC cancelled FSGA’s Australian financial services licence on 7 June 2025.

In cancelling FSGA’s licence, ASIC required FSGA to remain a member of AFCA until 4 June 2026. If you intend to lodge a complaint with AFCA in relation to advice received from FSGA you should do so by 4 June 2026. 

(AFSL 496179)

As United Global Capital Pty Ltd (UGC) is in liquidation, clients should contact the liquidators, SV Partners, by email to ugc@svp.com.au.

UGC’s membership with the (AFCA) expired at 5pm AEST on 31 May 2025 and AFCA is unable to accept any new complaints about UGC. For further information, see the UGC page on the AFCA website.

On 27 May 2024, Falcon suspended the processing of applications and withdrawals from First Guardian subject to some limited exceptions (First Guardian Master Fund May 2024 Update). Since that time, the majority of investors have been unable to access their funds.

You cannot transfer or withdraw your investment as all redemptions are frozen due to the liquidation so that the overall financial position of the fund and recoverability of the funds’ investments can be assessed by the liquidators.

Following concerns raised by ASIC, the Federal Court appointed liquidators to Falcon and ordered the wind-up of First Guardian and its related unregistered subsidiary funds. ASIC sought orders to preserve the assets of the scheme so that they may be recovered, to the extent available, for the benefit of investors while the investigation is continuing.

The Liquidators are in the process of identifying the assets, their current position and the recoverability of the funds’ investments. The liquidators will keep unitholders informed and will provide updates on their website with respect to any material developments: Falcon Capital Limited | Creditors Portal | FTI Consulting. The Liquidators have lodged a Statutory Report to Creditors on 8 July 2025. The liquidators have continued to conduct investigations into Falcon and First Guardian’s affairs, financial positions and Falcon’s responsibilities as Responsible Entity of First Guardian. The statutory report provides information to investors and creditors including the progress of the winding up of the Funds and estimated amounts of assets and liabilities.

Whether any money is returned depends on available assets, court outcomes and the results of liquidation and any recovery proceedings.

The liquidators published their statutory report and update which confirms the overall financial position of the fund and estimated amount of assets and liabilities of Falcon Capital, see: Falcon Capital Limited | Creditors Portal | FTI Consulting. The liquidators stated that it will take considerable time to determine, unwind and realise any recoverable investments and assets. Whilst the liquidator cannot provide an estimated dividend range at this time, or fully determine the amount of creditor or unitholder claims, the liquidators consider a substantial shortfall of recoverable assets to outstanding investor funds will arise in the liquidation.

The liquidator’s initial update includes the ‘unit holder claim form’. If you haven’t already, you can complete it to be informed of any future updates from the liquidators directly.

Unfortunately, ASIC is not able to provide any information, documents or advice specific to your investment. 

If your investment was facilitated through a superannuation platform, you may wish to contact your superannuation trustee for further information about your investment. If you have concerns about your superannuation or investment platform provider, you may wish to consider lodging a complaint with AFCA.

Be alert—we are aware of emails impersonating professional firms that claim to be able to recover lost funds or provide compensation. These may include links to websites requesting login details and other personal or financial information.

ASIC strongly recommends you not to click on any links or respond to these messages or emails.

ASIC’s Moneysmart website includes guidance that unexpected contact, constant contact and pressure to take action or make a quick decision are warning signs of scams: Protect yourself from scams.

Moneysmart also provides guidance to hang up the call, or block emails or text messages, if someone offers from a third-party organisation to recover lost funds or claims they can recover your losses for a percentage of the recovered losses or for a fee they say is a ‘tax’, ‘deposit’, ‘retainer’ or ‘refundable insurance bond’: What to do if you've been scammed.

If you receive a suspicious message, you can report it to Scamwatch: Report a scam | Scamwatch.

Former clients still have the right to lodge a complaint with AFCA for up to one year from the date of licence cancellation, provided the conduct occurred while the firm was licensed.

If you intend to lodge a complaint with AFCA in relation to advice received from FSGA or its authorised representatives you should do so by 4 June 2026. Further information in relation to FSGA’s licence cancellation can be found on ASIC’s website: 25-102MR ASIC cancels AFS licence of Financial Services Group Australia.

If your investment in the First Guardian was made through a SMSF you may wish to consider contacting your accountant or seek independent financial advice. ASIC’s Moneysmart website has information on how to choose a financial adviser.

AFCA also has important information on its website which outlines who can bring a complaint to AFCA about advice or services provided to a SMSF: Factsheet – SMSF complaints.

The liquidators have published a webpage where they are providing updates in respect of Falcon Capital and the First Guardian Master Fund, which is available here: https://www.fticonsulting.com/creditors/falcon-capital-limited. An Update for Unitholders and Statutory Report to Creditors were published on 8 July 2025.

This webpage has links to various updates and answers to frequently asked questions which have been published by FTI Consulting. We have included these links below for ease: 

• Initial Information for Creditors - 12 May 2025
• FAQ for Unitholders - Updated 12 May 2025
• Initial Circular to Unitholders - 17 April 2025
• FAQ for Unitholders - 17 April 2025

Investors can contact the liquidators with any queries by emailing falcon.investors@fticonsulting.com.

We are unable to confirm any particular priority of distributions from the liquidation of First Guardian. The priority of distributions is governed by the Corporations Act 2001 (the Act).

Determining the prioritisation of distributions in large liquidations is often complicated and may depend on matters determined during the course of the liquidation, or may be the subject of litigation by interested parties or applications for judicial advice. ASIC cannot instruct the liquidators as to the priority of distributions – the liquidators are independent of ASIC.

The liquidators stated in their Statutory Report to Creditors published on 8 July 2025, that they are considering the treatment of unitholders of First Guardian in the winding-up of Falcon Capital and that unitholders may be creditors to the extent they have a claim for losses or damages against Falcon Capital Limited.

For further detail as to why ASIC took this action, see the Updates section above. ASIC cannot comment on its open investigation further than what is available through its court actions. 

ASIC has set out its approach to enforcement in Information Sheet 151 ASIC’s approach to enforcement. ASIC considers a number of factors when deciding if enforcement action is appropriate to address particular misconduct, such as the seriousness of the alleged misconduct, its impact on the confidence of investors and financial consumers, and the consequences of the misconduct for investors and others.

Due to the scale and complexity of the investigation, we cannot estimate how long it will take.

We understand this may be a difficult time for you. Further support is available if you need it.

If you are experiencing financial difficulty, you can speak to an independent financial counsellor for free by contacting the National Debt Helpline (NDH) on 1800 007 007 (9:30am to 4.30pm in your local Australian time zone, Monday to Friday). The NDH may not be able to assist with your specific investment.

You can also find a financial counselling agency using the map on ASIC’s Moneysmart website.

You may be able to obtain free independent legal advice from a community legal centre – You can search for your local community legal centre here: Legal Help – CLCs Australia.

Justice Connect may be able to link eligible individuals with firms and barristers that may be able to provide pro bono legal advice. You can visit the Justice Connect webpage here: Home – Justice Connect for more information.

If you are experiencing a mental health crisis and want to talk to someone straight away the following services operate 24/7:

Lifeline

• Lifeline Crisis Support – 13 11 14
• They also offer online chat and text crisis services.
• Services | Lifeline

Beyond Blue

The Beyond Blue Support Service is available 24/7 for brief counselling. You can call them on 1300 22 4636 or chat to them online.  They also have a variety of other mental health supports you can access.

• Beyond Blue | 24/7 Support for Anxiety, Depression and Suicide Prevention - Beyond Blue
• Call a counsellor on 1300 22 4636 or chat to a counsellor online.

Aboriginal and Torres Strait Islander people

• 13YARN — call 13 92 76 to talk to an Aboriginal or Torres Strait Islander Crisis Supporter, 24/7.

For information about non-crisis counselling resources:

• Mental Health Support via your GP
  • You can access mental health support by visiting your GP and getting a mental health plan: Mental health treatment plan | healthdirect
• Australian Psychological Society
  • This website provides a listing of Registered Psychologists, including areas of specialty and location: Find a Psychologist | APS
  • Psychologists set their own fees so there may also be a gap between what Medicare will pay and what is charged. Some psychologists do not provide a Medicare rebate so it is best to ask about fees prior to your session/
• Services Australia
  • This website explains how the Medicare system works in relation to accessing mental health care under the Medicare system: Mental health care and Medicare
• 1800Respect
  • If you are experiencing family violence including economic abuse you can contact the National domestic violence service – 1800Respect on 1800 737 732: Home | 1800RESPECT

On 27 May 2024, Falcon suspended the processing of applications and withdrawals from First Guardian subject to some limited exceptions (First Guardian Master Fund May 2024 Update). Since that time, the majority of investors have been unable to access their funds.

On 27 February 2025, the Federal Court made interim orders preserving the assets of Falcon, First Guardian and Mr Anderson (25-027MR).  ASIC took this action as it was concerned about the management and operation of First Guardian and the associated risks to investor funds. ASIC alleged that:

• approximately $274 million of First Guardian’s value comes from cash receivables (i.e. money it is owed) but much of that money is overdue and has not been paid;
• more than $23 million of First Guardian’s assets appear to have been paid to entities purportedly providing marketing services which appears contrary to the representations made to investors;
• First Guardian has invested in entities which Mr David Anderson, director of Falcon, had an association with or financial interest in, and Falcon appears to have failed to recognise and manage conflicts of interest;
• at the time of making their investment, investors may have been exposed to asset classes that differed from what was originally disclosed to them;
• investors may have been misled about the security of their investment and likely returns.

In February 2025 and March 2025, the Federal Court made interim orders freezing assets of persons connected to the First Guardian investigation, including:

• Osama Saad, former director of Aus Super Compare Pty Ltd (in liquidation) and Atlas Marketing Pty Ltd (in liquidation) (25-023MR);
• Ferras Merhi of Venture Egg Financial Services Pty Ltd & United Financial Advice Pty Ltd t/as Venture Egg (Venture Egg) and Financial Services Group Australia Pty Ltd (FSGA) (25-024MR); and
• Rashid Alshakshir, director of Lion & Horn Pty Ltd (in liquidation), Nohap Pty Ltd (in liquidation) and Indigo Group Pty Ltd (in liquidation) (25-043MR).

On 9 April 2025, the Federal Court appointed Ross Blakeley and Paul Harlond of FTI Consulting as liquidators of Falcon and ordered them to wind up Falcon, First Guardian and related unregistered subsidiary funds (25-055 MR).

Mr Paul Allen of PKF Melbourne, was also appointed as the receiver and manager to the personal property of Mr Anderson. Mr Allen is due to deliver his report to the Federal Court by 8 July 2025 (25-041MR).

On 7 June 2025, ASIC cancelled the Australian Financial Services (AFS) licence of Financial Services Group Australia Pty Ltd (FSGA) and permanently banned FSGA’s Responsible Manager (RM) Graham Holmes (25-102MR). Certain authorised representatives of FSGA provided personal financial product advice to consumers to invest in the First Guardian Master Fund. Ferras Merhi was the sole director of FSGA from 10 February 2021 to 30 May 2025. ASIC is investigating Mr Merhi and various entities associated with him, in connection with its investigations concerning Shield and First Guardian. If you intend to lodge a complaint with AFCA in relation to advice received from FSGA or its authorised representatives you should do so by 4 June 2026.

On 26 June 2025, the Federal Court made interim travel restraint orders against Falcon Capital Limited directors, Mr David Anderson and Mr Simon Selimaj prohibiting Mr Anderson and Mr Selimaj from leaving Australia until 27 February 2026. The Federal Court also made interim orders freezing the assets of Mr Selimaj (25-117MR).

On 8 July 2025, the liquidators published a statutory report to creditors which contains information for unitholders, creditors and other stakeholders. The liquidators also have published an update to investors including the progress of the winding up of the funds.

ASIC has obtained orders freezing the assets of First Guardian and Mr David Anderson, a director of Falcon (25-027MR).

ASIC has applied to the Federal Court for the appointment of liquidators to Falcon and for orders directing the liquidators to wind up First Guardian. ASIC is also seeking the appointment of a receiver and manager to the personal property of Mr David Anderson (25-041MR).

Following an application made by ASIC, the Federal Court has made interim orders freezing certain assets of Melbourne-based financial adviser Ferras Merhi.

Effective 31 May 2025, Mr Merhi and Venture Egg are no longer authorised representatives of Interprac Financial Planning Pty Ltd (25-024MR).

Following an application made by ASIC, the Federal Court has made interim orders freezing certain assets of Osama Saad, former director of Aus Super Compare Pty Ltd (in liquidation) and Atlas Marketing Pty Ltd (in liquidation) (25-023MR).

Following an application made by ASIC, the Federal Court has made orders freezing assets of Rashid Alshakshir, director of Lion & Horn Pty Ltd (in liquidation), Nohap Pty Ltd (in liquidation) and Indigo Group Pty Ltd (in liquidation) (25-043MR).

Following an application made by ASIC, the Federal Court has made orders appointing Ross Blakeley and Paul Harlond of FTI Consulting as liquidators of Falcon and ordered them to wind up Falcon, First Guardian and related unregistered subsidiary funds. The Federal Court also ordered that Mr Paul Allen of PKF Melbourne be appointed as receiver to the property of Mr David Anderson (25-055 MR).

On 7 June 2025, ASIC cancelled the Australian Financial Services (AFS) licence of Financial Services Group Australia Pty Ltd (FSGA) and permanently banned FSGA’s Responsible Manager (RM) Graham Holmes.

Certain authorised representatives of FSGA provided personal financial product advice to consumers who invested the First Guardian Master Fund. Ferras Merhi was the sole director of FSGA from 10 February 2021 to 30 May 2025. ASIC is investigating Mr Merhi and various entities associated with him, in connection with its investigations concerning Shield and First Guardian. If you intend to lodge a complaint with AFCA in relation to advice received from FSGA or its authorised representatives you should do so by 4 June 2026 (25-102MR).

Following an application made by ASIC, the Federal Court has made interim travel restraint orders against Falcon Capital Limited directors David Anderson and Simon Selimaj, preventing Mr Anderson and Mr Selimaj from leaving Australia until 27 February 2026. The Federal Court also made interim orders freezing the assets of Mr Selimaj until 27 February 2025 (25-117MR).